India Inc. Indicates A 20% Desire To Hire For 2023 – Taggd Decoding Jobs Report 2023

According to the Decoding Jobs 2023 India Inc. Report by Taggd, which was prepared in collaboration with the Confederation of Indian Industry, Indian employers are expressing a cautiously optimistic recruitment intent of 20 percent for 2023, as opposed to the 28 percent surge witnessed last year (CII). The robust recruiting momentum may be attributed to India’s economy’s outstanding performance in the face of increased global concerns, spurred in particular by a strong push in the manufacturing and engineering sectors under India’s flagship “Make in India” program.

The automotive (30%), manufacturing (25%), and financial services (24%) industries will continue to have the most need for workers in India, with internet enterprises (19%) and the pharmaceutical and healthcare (16%) industries lagging. The IT sector is expected to see a modest 10% rise in hiring. Nonetheless, there will be a rise in the need for IT skills in traditionally non-technical industries including manufacturing, agriculture, and medicines.

While the global in-house centres or global captive centres continue to flourish in India, GICs are expected to record a 29 percent hiring rise in 2023, down from the 36 percent reported in the previous year. and will do much more recruitment. The poll found that 54% of firms are refocusing their hiring efforts away from tier-I cities and towards creating talent hubs, highlighting how well-liked non-tier-I towns are for luring top talent. Women’s participation fell from 36% in 2021 to 33% in 2022, according to the study.

At the Decoding Jobs Annual Conference, the study was publicly launched in the presence of Shri Atul Kumar Tiwari, Secretary, Ministry of Skill Development and Entrepreneurship, Government of India. Among the dignitaries in attendance were Dr. Raajiv Singhal, Founding Member, Managing Director & CEO, Marengo Asia Hospital, and Member, CII National Committee on Talent Development and Livelihood. The Hon’ble Union Minister for Labor and Employment, Shri Bhupender Yadav, was also given a copy of the report for his assessment. 

The President of Taggd, Mr. Devashish Sharma, elaborated on recruiting predictions for 2023 by saying, “Companies may start the calendar year 2023 on a cautiously optimistic note, however, we expect hiring to pick up in the following months, driven by existing as well as new demand for talent. India has successfully attracted and maintained huge levels of FDI, both from individual investors as well as large multinationals that have helped propel the economy forward. The local consumer markets have also had a pivotal role to play as India brings in equilibrium in the current state of global market headwinds.”

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More than 600 people attended the conclave, including government officials, CEOs, CHROs, HR Heads, talent acquisition executives, and senior talent acquisition practitioners. The theme of the colloquium was “India: Secure Shores amidst Global Troubles,” and corporate leaders and CHROs discussed developments in the labour market against the backdrop of India being the most alluring place for businesses looking for sustainable and long-term growth.